May 8: Status update on the suspended lending companies

On March 30 and April 30, we wrote about the defaulted lending companies and the status of fund recovery. Starting today, we are also updating the status of the suspended lending companies on Mintos. You can learn more about suspensions in our blog post.  

Akulaku Indonesia

On 16 April 2020, Akulaku was suspended from the Primary and Secondary Markets due to late payment settlement. Since then, Akulaku has made repayments of € 1.99 million to investors on Mintos, including both principal and interest. Mintos maintains a good working relationship with Akulaku management, which is cooperative in finding the most suitable solution for investors with active investments in Akulaku issued loans. Currently, payments have been made on time and in the agreed-upon amount.   

Capital Service Poland

On 6 April 2020, Capital Service was suspended from the Mintos Primary and Secondary Markets due to a failure to make timely settlement payments to investors on Mintos. Since then, Capital Service has made repayments of € 35 454 and zł 690 881 (approximately € 151 710) to investors on Mintos, including both principal and interest. Mintos maintains a good working relationship with Capital Service management while restructuring their liabilities towards Mintos investors. At the same time, Capital Service is exploring alternative sources of cash inflow into the company to help settle overdue payments with Mintos. So far, the company has been making payments according to the initially agreed schedule and we are currently discussing the viability of payments increase.

ExpressCredit Zambia

On 30 April 2020, ExpressCredit Zambia was suspended from the Mintos Primary and Secondary Markets, due to the company failing to transfer borrower repayments and the buyback price in full and on time, resulting in accumulated pending payments of € 648 212 outstanding to Mintos investors. Since the suspension, the company has made its first payment of € 20 000 on May 6, 2020. Please note that the data in the table is the opening balance of May 6, before the payment was made. ExpressCredit Zambia’s unfulfilled obligations towards Mintos investors heavily rely on a delay in disbursements of government collections to ExpressCredit Zambia. The delayed payment amount from the government agency would be sufficient to fully cover the outstanding debt. We are actively working with the management team of  ExpressCredit Zambia to find a solution that will be in the best interest of Mintos investors. As soon as any updates are available, we will share them. 

GetBucks Botswana and Zambia

On 30 April 2020, GetBucks Botswana and Zambia were suspended from the Primary and Secondary Markets due to failing to fulfill their payment obligations in full to Mintos investors. Since then, the company has not yet made repayments to Mintos investors. The total pending payments from GetBucks Botswana and Zambia are € 1 733 927‬. As agreed in the restructuring deal, GetBucks will pay first payment from the proceeds of regular repayments in Botswana this week. In the future, the regular repayments of GetBucks Botswana will be transferred on a monthly basis. The remaining amounts outstanding from Botswana and Zambia will be covered in two payments: € 1 million until September 30, 2020, and € 3 million until December 31, 2020.

First seen onMintos Blog